Abstract
Between 1973 and 1974, MFI's pre-tax profits dropped from their peak of £2.2m to just over £800,000 and by May 1975, had dropped further to £78,000. What had happened to the mail-order firm which had been the darling of the Stock Exchange after it went public in 1971? Who would have believed that within seven more years this scruffy, downmarket mail-order company with a few shops would have become the largest furniture retailer in the U.K. and one of the fastest growing retailers in any sector? It was a classic example of rapid decline caused by unstructured and badly managed growth but it was also a rare example of a highly successful turnaround.
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